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17 October 2012
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News on the global financial markets

  Morning Bell 
Four Initiatives to Drive Revenue
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  Industry News 
  • Bond markets become less sensitive to Spain's situation
    Credit rating downgrades for Spanish debt in June and last week produced different results, with bond markets reacting sharply to the earlier move by Moody's Investors Service and scarcely reacting to the cut by Standard & Poor's. The difference might indicate complacency or that markets are reassured by the European Central Bank's pledge to buy sovereign bonds of troubled euro-zone countries. The Wall Street Journal (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • Hungary inspires confidence in IMF talks
    Hungary's perceived seriousness in pursuing a financial safety net in accord with the International Monetary Fund is reflected in a recent rally of Hungarian credit default swaps. "We do intend to reach an agreement; this is obviously up to several players ... what I can tell you is that discussions [at an IMF meeting] did not rule out the prospect" of a deal, said Mihaly Varga, the Hungarian minister in charge of IMF talks. Reuters (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • ICAP joins with Rapid Ratings to create credit-data service
    Interdealer broker ICAP is partnering with alternative rating and analytics firm Rapid Ratings to launch a rating service for credit derivatives. The service will combine pricing data from ICAP's credit-broking platform with aggregated financial information on a range of companies to allow easier pricing of credit-derivatives products by banks. Financial News Online (U.K.) (subscription required) (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • Asia becomes focus of expansion for Eurex and NYSE Liffe
    Surveying challenging competition across Asia, Eurex and NYSE Liffe are laying plans to increase their presence in the region. Eurex plans high-volume discounts and enhanced service with wider bandwidth for traders at data centres in Hong Kong and Singapore, as well as halved connectivity fees until 2014. Meanwhile, NYSE Liffe agreed on an order-routing deal with the Taiwan Futures Exchange, with the possibility of cross-listings in the future. Financial News Online (U.K.) (subscription required) (16 Oct.) LinkedInFacebookTwitterEmail this Story
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  Regulatory Roundup 
  • European Parliament members will vote on MiFID II on 26 October
    Members of the European Parliament scheduled a vote for 26 October on their version of a revised Markets in Financial Instruments Directive. Widespread support is expected for restrictions on broker-crossing networks and high-frequency trading. Meanwhile, the EU Council will act on its iteration of the directive before reconciling it with Parliament's version. The Trade News (U.K.) (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • UK banks face higher losses on sovereign debt under FSA plans
    The UK Financial Services Authority's crackdown on internal capital models will force major banks to assume higher losses on sovereign credit exposures. The change will increase the risk-weighted-asset number that is used to calculate capital requirements. Bankers said the moves will make some debt, including that of the UK, less attractive. (subscription required) (16 Oct.) LinkedInFacebookTwitterEmail this Story
  • UK watchdog will have powers to quickly ban risky products
    A sudden yearlong ban on financial products deemed too risky is one option under the UK Financial Conduct Authority, said Martin Wheatley, who will head the regulator. Although such actions would come without warning, "this is not something that firms should be afraid of", Wheatley said. "Firms selling the right products, in the right way, to the right consumers have nothing to fear." The FCA is also discussing ways to give smaller companies more options for fundraising, including crowdfunding. The Telegraph (London) (16 Oct.), Reuters (16 Oct.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  AFME News 
  • Peter Spiegel, Brussels bureau chief for Financial Times, is confirmed as closing keynote speaker at AFME 7th Annual European Government Bond Conference -- 8 and 9 November in Brussels
    The European Government Bond Conference is the ONLY conference of its type, bringing together annually the whole community from the European sovereign-debt market. Participants include key senior representatives from all EU treasuries, central banks, regulators, investors and heads of government-bond trading at pan-European and US banks. Renowned for featuring high-profile speakers and a "by the industry for the industry" programme, the conference is a must-attend event for stakeholders in the government-bond market. Featuring interactive round tables to create informative and frank debate, the conference is an unrivalled opportunity to gather valuable information about what the market really thinks.

    Key topics to be discussed:
    • The Future of the Eurozone
    • Liquidity Provisions: The Market Maker Model Under Fire?
    • Credit Risk: Analysing and Hedging Sovereign Risk
    • Investor Trends: Developments in Liquidity and Portfolio Management
    • Past and Future of Eurozone Common Funding

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
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--TS Eliot,
American-British writer

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